Adam Smith: Father of Modern Economics
Early Life and Education
Adam Smith was born on June 5, 1723, in Kirkcaldy, Scotland. He studied at the University of Glasgow and later at Oxford University, where he developed his passion for economics.
The Wealth of Nations
Smith's most famous work, "The Wealth of Nations," was published in 1776. This groundbreaking book outlined the principles of modern economics, including the concept of the free market and the division of labor.
In "The Wealth of Nations," Smith argued for the benefits of free trade and individual enterprise. He believed that the pursuit of self-interest, when combined with a system of natural liberty, would lead to the greatest possible economic prosperity.
Smith's ideas had a profound impact on economic policy and social thought. They influenced the development of capitalism, the industrial revolution, and the modern welfare state. Adam Smith remains one of the most influential economic thinkers of all time, and his work continues to be studied and debated today.
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